Opinion: Stablecoin legislation should protect financial privacy

2025-04-24 23:46:24

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ChainCatcher news, according to CoinDesk, Jennifer J. Schulp, the Director of Financial Regulation Studies at the Cato Institute, published a column pointing out that the stablecoin legislation currently under consideration by the U.S. Congress (including the GENIUS Act and the STABLE Act) aims to combat illegal financial activities but must avoid triggering excessive financial surveillance of users.

She emphasized that if stablecoin issuers are subjected to the Bank Secrecy Act (BSA) regulations, it could lead to comprehensive tracking of user transactions, eroding personal privacy rights. Schulp urged lawmakers to balance innovation and privacy protection when formulating anti-money laundering measures, ensuring that stablecoins enhance payment efficiency without becoming tools for government surveillance.

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